The premier made these remarks at the the two-day New Global Financing Pact Summit in Paris where he stressed the need for a fair and equitable formula for the distribution of financial resources in the world.
He is among several global leaders gathered in Paris for the summit to tease out a new consensus on international economic reforms to help debt-burdened developing countries face a growing onslaught of challenges, particularly climate change.
The PM said 33 million people were affected by those floods and millions of acres of standing crops was washed away while around 1,700 people had died. Moreover, he added that half a million animals drowned in the floods and two million house were either completely demolished or partially damaged.
To help those affected by the floods, he said, “we had to cough out hundreds of millions of dollars from our own pocket with our scarce resources … Of course, we are very grateful to our friendly countries across the globe for their valuable and timely contribution, but largely, the cash amount had to be generated from our own resources.
“And when we approached international institutions, they said, ‘Well, we can give you loans.’”
The premier said when these institution were asked whether the already stretched resources of Pakistan be burdened further, their reply was debt-structuring would not be good for the country.
“We know that there are tensions around the globe, and billions and billions of dollars are being spent over there, to defend this [country],” he said in apparent reference to Ukraine.
The premier emphasised the need for a “fair, equitable and judicious” formula for the distribution of financial resources. Otherwise, he said, “this world will never live in peace”.
“Unless we come forward in generous terms to provide an opportunity, and a system, and a mechanism which will satisfy the most vulnerable at bare minimum, and which will create harmony in terms of economic justice and fairness, this world shall always be in trouble.
“It’s never too late. Let’s stand up and say no to injustice,” he concluded.Prime Minister Shehbaz Sharif, on the sidelines of a summit for a New Global Financial Pact being held in Paris, France, met with different world leaders and discussed bilateral ties and cooperation between Pakistan and their respective countries.
French President Emmanuel Macron is chairing the Summit which is being attended by over 50 heads of states.
During his visit, the premier met the Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, Prince Mohammad bin Salman. Besides discussing matters relating to mutual interests, the two leaders agreed to further expand the shared actions to promote bilateral cooperation in diverse areas
PM Shehbaz expressed his best wishes for the Saudi Crown Prince. Prince Muhammad bin Salman also expressed his goodwill for the Pakistani government and its people
Meanwhile, the prime minister, in a meeting with French President Emmanuel Macron, said that supporting the debt-burdened developing countries under New Global Financing Pact was the need of the hour for the relief of their people.
He said that the disastrous impacts of climate change had exacerbated the difficulties of the already suffering developing states.
He appreciated the French president for hosting the summit and inviting him to the event as well as for the warm hospitality.
The premier paid tribute to the French president for taking a “bold step” towards the development of a system based on financial equity for the developing world faced with the challenges like the dearth of resources, debt burden, interest payments and stalled development.
PM Shehbaz appreciated President Macron for his effort towards evolving a global consensus. The French president thanked the prime minister for participating in the summit.
During the meeting, both leaders also discussed other matters of mutual interest and agreed to keep up the contacts.
The prime minister also met with United Nations Secretary-General Antonio Guterres on the sidelines of the summit and discussed the challenges of climate change being faced by the world, especially Pakistan.
The prime minister warmly welcomed the UN Secretary-General and expressed his best wishes to him. In response, Antonio Guterres also expressed goodwill to PM Shehbaz.
Shehbaz told the UN Secretary-General that he considered him the benefactor of Pakistan as “we cannot forget your help during the last year’s floods”.
He said the UN Secretary-General was the witness of the devastation caused by climate change in the country.
He said due to climate change, the financial burden on developing countries has increased manifold as they were facing new challenges to increase economic growth and maintain fiscal balances.
PM Shehbaz urged to utilise the loss and damage fund to provide financial assistance to the developing countries. The summit in Paris for the New Global Financing Pact is a good start in the right direction, he added.
He said along with climate justice, a fair attitude is also required in the distribution of global financial resources with developing countries.
The UN Secretary-General appreciated the commitment of the prime minister and his government for the rehabilitation of the flood victims.
Moreover, the prime minister also held a meeting with the President of Egypt Abdel Fattah el-Sisi wherein the two leaders agreed to strengthen bilateral cooperation in multiple fields
The prime minister said that the establishment of loss and damage fund at COP27 held in Sharm El-Sheikh was an important development.
He said the fund has laid the basis for an important milestone at the global level. The prime minister said that the resolve shown at Sharm El-Sheikh was moving forward gradually.
The two leaders resolved to promote and further strengthen the bilateral relations.They also agreed to keep up the bilateral contacts on regional as well as international affairs.
PM Shehbaz will also address the summit and highlight Pakistan’s position on the need for restructuring of international financial institutions to fight the contemporary challenges facing humanity.
As a leading stakeholder in G-77 plus China grouping and also as a country adversely hit by climate change threat, Pakistan is better positioned for this role.
Earlier, the prime minister was warmly received by Pakistan’s ambassador in France and diplomatic officials, besides senior French government authorities.
